Investor Grievance Guide

How to File a Complaint against SEBI registered intermediaries

If a stockbroker, investment adviser, research analyst, or portfolio manager has cost you money, SEBI provides a formal process to raise a complaint.

This page lays out every complaint route, grouped by who you are complaining about and where the complaint actually goes.

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    SEBI Complaint Procedure

    Most complaints against SEBI registered intermediaries start on the SCORES portal. If SCORES does not resolve the issue, SEBI’s SMART ODR platform handles conciliation, mediation and arbitration. A complaint against a specific broker can also go directly to NSE or BSE, depending on which exchange the broker belongs to.

    If you are not sure whether this is a SEBI matter or a police matter, start with the cyber crime complaint guide below. It covers any online financial fraud, whether or not a SEBI registered entity was involved.

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    Which SEBI Intermediary Are You Having Issues With?

    Intermediary-wise SEBI Complaint Guide

    File a Complaint Against a Stock Broker

    For unauthorised trades, excess brokerage, delayed withdrawals or account mismanagement by a stockbroker. Covers raising the issue with the broker directly, then SCORES, SMART ODR and arbitration if it stays unresolved.

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    File a Complaint Against RIA

    For investors given unsuitable or fee-driven advice by a SEBI-registered Investment Adviser. Explains the conduct rules that apply to RIAs specifically and how to escalate through SCORES and SMART ODR.

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    Complaint Against a SEBI registered Research Analyst

    For anyone misled by paid stock tips or recommendations from a Research Analyst. Covers how to check an RA’s registration, the warning signs to watch for, and how to file the complaint itself.

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    File a Complaint Against Portfolio Managers

    For investors in a Portfolio Management Service dealing with unauthorised changes to strategy, losses outside the disclosed risk profile, or a dispute over fees.

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    Where to Lodge Your Complaint: Portals & Forums

    Choose the Right SEBI Complaint Portal

    SCORES SEBI complaint

    SCORES SEBI Complaint Portal

    How to register a complaint on SEBI’s own SCORES system, what evidence to upload, how to track its status, and the response window the intermediary is required to meet.

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    SMART ODR Complaint Portal

    SMART ODR Complaint Portal

    Covers SEBI’s Online Dispute Resolution platform, used for conciliation, mediation and arbitration once a SCORES complaint has not led anywhere.

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    File NSE complaint

    File a Complaint in NSE

    How to lodge a complaint directly with the National Stock Exchange when your broker is an NSE trading member. This runs separately from a SCORES complaint.

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    File BSE complaint

    BSE Complaint Portal

    The same process, run through the Bombay Stock Exchange, for brokers who are BSE members.

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    Not Sure Which SEBI Complaint Route to Take?

    Unsure whether your issue involves a Stock Broker, RIA, RA, or an Unregistered Advisory Scam? Here is how to pick the right path.

    1. If you lost money with a Registered Broker, RIA, RA, or PMS: Start by filing a direct formal grievance with the entity. If unresolved within 30 days, lodge a official complaint on SEBI SCORES or escalate to SMART ODR for arbitration.

    2. If your Broker is refusing payouts or executing unauthorized trades: Skip general customer support and file an investor grievance directly with the exchange (NSE or BSE Investor Grievance Cell).

    Aseem Juneja, founder and investor rights Consultant guiding retail investors on SEBI broker complaints and grievance resolution.
    Aseem Juneja – Founder & Investor guiding retail investors on SEBI broker complaints and grievance resolu helping retail traders navigate SEBI SCORES, SMART ODR, and broker grievance processes.
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